Legal Question in Elder Law in Illinois

Protecting Money

My mother is soon going into a nursing home. Is there any way for me to protect her money, around $50,000 as she will be applying for medicaid. i have power of attorney and am on her bank account.


Asked on 5/16/07, 11:52 am

2 Answers from Attorneys
Mary J. Hoeller, R.N., J.D. Attorney At Law

Re: Protecting Money

Yes, you should immediately contact an Elder Care attorney for advice about this. Mary

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Answered on 5/16/07, 3:48 pm
Joseph Michelotti Michelotti & Associates, Ltd.

Re: Protecting Money

4 ways to approach this depending on your mom's wishes:

1. Special Annuity;

2. Special type of trust;

3. Special type of gifting;

4. Care Contract.

email me if you have any more questions.

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Answered on 5/16/07, 4:51 pm


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